Airtel Payments Bank Crosses ₹600 crore of Quarterly Revenue for the First Time

Bhubaneswar : Airtel Payments Bank, India’s leading digital bank, today announced its consolidated results for the first quarter ended on 30 June 2024. In a significant milestone, for the first time, the Bank’s quarterly revenue grew to ₹610 crore, up by 52% YoY. The Bank’s net profits stood at ₹7.2 crore, up by 41% YoY.

During the quarter, the Bank’s Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53% YoY to ₹2,943 crore. The Bank’s annualised gross merchandise value (GMV) stands at over ₹3,400 bn.

The growth in revenue and MTUs has been driven primarily by an uptake in the Bank’s digital savings bank account along with other digital offerings. The Bank’s eco-friendly NCMC enabled cards are witnessing a strong demand and usage.

Anubrata Biswas, MD and CEO of Airtel Payments Bank, said, “We are pleased to report a significant milestone this quarter, with our revenues surpassing ₹600 crore for the first time. This industry-leading growth has been driven by strong uptake of our flagship safe daily transaction account for India, and a surge in digital payments across all our businesses. The Bank, today, is well-positioned as first-in-class to take margin-enhancing advantage of India’s large unfolding digital opportunities.”

Airtel Payments Bank caters to three distinct segments – Urban Digital, Underbanked, and Industries & Institutions- offering comprehensive end-to-end digital banking solutions alongside a bouquet of digital financial services including insurance, lending, and investment solutions. Processing over 8 billion transactions annually across its platforms, Airtel Payments Bankstands as the sixth largest player amongst mobile banking users. The Bank addresses the challenge of accessibility by extending banking services to the deepest rural pockets with its largest banking network comprising over 500,000 neighbourhood-banking points. Airtel Payments Bank is the largest micro-cash player in India, currently digitizing around ₹8,000 crore of cash monthly with over 4,000 corporate partners.